Faced with global warming, rising sea levels, and the climate-related extremes they intensify, the question is no longer whether some communities will retreat—moving people and assets out of harm’s way—but why, where, when, and how they will retreat. To the extent that retreat is already happening, it is typically ad hoc and focused on risk reduction in isolation from broader societal goals. It is also frequently inequitable and often ignores the communities left behind or those receiving people who retreat. Retreat has been seen largely as a last resort, a failure to adapt, or a one-time emergency action; thus, little research has focused on retreat, leaving practitioners with little guidance. Such a narrow conception of retreat has limited decision-makers’ perception of the tools available and stilted innovation. We propose a reconceptualization of retreat as a suite of adaptation options that are both strategic and managed. Strategy integrates retreat into long-term development goals and identifies why retreat should occur and, in doing so, influences where and when. Management addresses how retreat is executed. By reconceptualizing retreat as a set of tools used to achieve societal goals, communities and nations gain additional adaptation options and a better chance of choosing the actions most likely to help their communities thrive.